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Edge12 Dec 2025
Running on Clouds: The Story of On
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Gore Street Energy Storage Fund (GSF) investor relations material
Gore Street Energy Storage Fund H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary15 Dec, 2025
Executive summary
Operational capacity increased to 643.1 MW, with all US assets (Texas and California) brought online, while the Enderby project in GB faced delays limiting full revenue access.
NAV per share declined 12% to 90.1p as of 30 September 2025, mainly due to downward revisions in revenue curves for GB and US markets.
A comprehensive strategy review led to asset monetisation plans, cost reductions, and a revised capital allocation strategy focused on asset sales, augmentations, and revenue optimisation.
Two special dividends of 1.5p per share were announced, funded by US Investment Tax Credit (ITC) proceeds, with the first paid in October and the second pending release of funds.
Board succession advanced, with new directors and a new Chair appointed, following shareholder engagement and an activist challenge.
Financial highlights
NAV fell from £519.3m to £455.3m over the period; NAV total return for the six months was -10.6%.
Share price total return for the period was -9.5%, with a persistent discount to NAV of 42.5%.
Total revenue for the period was £16.74m, with operational EBITDA of £8.6m (51% margin).
Total fund earnings (excluding one-off costs) were £3.5m; dividend cover was 1.00x.
Annualised dividend yield was 8.5%, with 2.19p per share declared for the period.
Ongoing charges figure increased to 1.49% of average NAV.
Gearing stood at 18.3% of gross asset value, with £101.95m in debt drawn.
Outlook and guidance
Focus on unlocking value from pre-construction assets via sales or co-investment, starting with the 22 MW Cremzow asset.
Augmentation of key GB and Irish assets to increase duration and revenue, with Stony and Ferrymuir upgrades scheduled for FY 2026 Q3.
Middleton project in GB progressing through the LDES scheme, targeting 800 MWh capacity and 20 years of revenue certainty.
Dividend policy now based on actual cash generation, with regular and special dividends guided by portfolio performance and ITC proceeds.
Continued prudent leverage management and cost efficiency initiatives.
Assess future revenue curve stability
ERCOT market outlook and recovery plan
Quantify manager fee savings post-Oct 2025
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Frequently asked questions
Gore Street Energy Storage Fund plc (GSF) is a United Kingdom-based investment company that focuses on providing investors with a sustainable and attractive dividend by investing in a diversified portfolio of utility-scale energy storage projects. With a strategy that emphasizes long-term capital growth, GSF invests primarily in energy storage projects using lithium-ion battery technology but remains open to other technologies. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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